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Early Holiday Gift for our New Hires

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  • Early Holiday Gift for our New Hires

    This summer, we added three new docs to our practice, all three fresh out of training. We have never hired more than two out of training at one time (and did that only twice in the last 22 years!). For reference, there are only currently 13 docs and one mid-level.

    One of the newbs approached me earlier this week with a financial question, which I answered, which led to additional questions and discussion, which led to me sending him some articles and blog posts to read. Then, a light bulb ????went off. Perhaps I should buy him a copy of The White Coat Investor Book. Why stop there? I bought all three of them a copy and will drop it in their mailboxes this weekend, as an early Holiday gift.

    It is certainly beneficial to these new docs, each with different backgrounds and personal circumstances, to get their careers off on a proper financial footing. Moreover, it is important to the practice for its members to be financially secure and savvy.

    Over the course of my career, I have seen some of my partners make some ridiculous financial decisions (like the guy that bought a Maserati and then added a 25 year old Rolls Royce because the Maserati was lousy in the snow!), and these poor decisions can influence subsequent decisions that group makes regarding staffing, taking on new business, developing service lines, etc.

    The partners that are strapped for cash, will do just about anything to make more of it, including sacrificing the quality of their work. The Maserati-RR guy started taking overnight night shifts on Sunday and would arrive at work on Monday morning exhausted and certainly not at the top of his game. He soon left our group to join one that makes more money, and while he was a friend and excellent rad, we were no longer getting his A game.

     

  • #2
    Great that the newbs are asking for advice.  I agree  that I see older docs who have made poor decisions realizing that may never be able to retire.  I find that these people are embarrassed and reluctant to ask for advice.

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    • #3


      then added a 25 year old Rolls Royce because the Maserati was lousy in the snow!
      Click to expand...


      That has to be the first time I've seen a Rolls Royce described as a beater car for the winter!

      Only some specialties have first world problems like that (mine isn't one of them).

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      • #4





        then added a 25 year old Rolls Royce because the Maserati was lousy in the snow! 
        Click to expand…


        That has to be the first time I’ve seen a Rolls Royce described as a beater car for the winter!

        Only some specialties have first world problems like that (mine isn’t one of them).
        Click to expand...


        I have told this (true!) story a number of times. Those who know cars have acknowledged that “Rollers” are beasts in the snow. If I recall, the car was $15k. He gave me a ride a couple times, and I would roll down the window at stoplights and ask if the driver in the car in the other lane had any Grey Poupon. This guy was taking his midlife crisis to quite an extreme.

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        • #5








          then added a 25 year old Rolls Royce because the Maserati was lousy in the snow! 
          Click to expand…


          That has to be the first time I’ve seen a Rolls Royce described as a beater car for the winter!

          Only some specialties have first world problems like that (mine isn’t one of them).
          Click to expand…


          I have told this (true!) story a number of times. Those who know cars have acknowledged that “Rollers” are beasts in the snow. If I recall, the car was $15k. He gave me a ride a couple times, and I would roll down the window at stoplights and ask if the driver in the car in the other lane had any Grey Poupon. This guy was taking his midlife crisis to quite an extreme.
          Click to expand...


          I rarely ever even see RR's. They look like tanks so maybe thats true, likely Bentleys also. I do see a few whenever Im in Malibu. We were having lunch out there a while back and there was this newish RR parked in valet, and having not seen one in years I looked it up...400k! OMG.

          I mean are trucks or large SUVs not good in the snow?

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          • #6
            Driving in snow scares me because I rarely do it.  I was at an antique auction in rural Alabama a few years ago where a 1950s era RR low mileage, one owner was auctioned off for 15k.  I almost bid on it because it seemed to be such a good deal.  I really had no use for it so I did not get it.

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